Depreciation per ounce sold is a non-IFRS financial performance measure with no standard definition under IFRS and represents the depreciation expense per ounce sold.

The total cash cost of $493 per ounce sold and all-in sustaining cost of $645 per ounce sold at our Mana Mine, which represent year-over-year decrease of 24% and 19% respectively, are attributable to the higher head grade as well as the reduction in fuel pricing and the strength of the US dollar relative to the Euro. The increase in head grade in 2015 reflects the greater percentage of high-grade ore processed from the Siou and Fofina pits compared to 2014.

During 2015, more ore was mined compared to 2014 when the mine plan sequence was modified in order to reassign a portion of the Wona-Kona mining fleet to the development of the Siou and Fofina deposits in the first quarter of 2014. The decrease in throughput in the year is due to the processing of ore through the secondary ball mill during the five-week shutdown of the SAG mill and the mining sequence.

2015 Reserves and Resources

As at December 31, 2015, consolidated proven and probable mineral reserves stood at 3,265,000 ounces of gold. The reserve grade increased by 10% to 3.32 g/t Au. Consolidated measured and indicated mineral resources increased by 8% to 2,969,900 ounces.

The changes in reserves are net of 2015 depletion due to production and mainly result from the addition of a maiden reserves statement for Natougou. All mineral resources reported are exclusive of mineral reserves. Reserves and resources were estimated using a gold price of $1,100 and $1,400 per ounce, respectively.

Positive Feasibility Study for Natougou

Highlight of the first quarter of 2016 is our announcement of a positive feasibility study and funding for the Natougou project.

With mineral reserves of 9.6 million tonnes at 4.15 g/t Au for 1.3 million ounces, Natougou represents one of the highest grade open-pit projects in West Africa. Results from the feasibility study, which include an after-tax IRR of 48%, 5% NPV of $262 million and a payback period of 1.5 years, demonstrate strong economic support for proceeding with the project and a solid foundation from which to expand its potential.

In the first quarter of 2016, we entered into a commitment letter with Macquarie Bank Limited to amend our credit facility ("Facility") to $120 million. Closing of the amended Facility is anticipated on or about March 31, 2016 and drawdown of the incremental $60 million is subject to conditions precedent customary in a transaction of this nature. Coupled with our $167 million cash position at year-end 2015 and anticipated cash flow from Mana operations, we estimate we have sufficient funds to bring Natougou into production.

Natougou Milestones

Complete permitting by year-end 2016

Complete detailed engineering in fourth quarter of 2016

Construction start-up by year-end 2016

Ongoing exploration with the aim of increasing reserves and resources and enhancing economics as of the fourth year of the mine life

SEMAFO's Management's Discussion and Analysis, Consolidated Financial Statements and related financial materials are available in the "Investor Relations" section of the Corporation's website at www.semafo.com. These and other corporate reports are also available on www.sedar.com.

Fourth Quarter and Year-End Conference Call

A conference call will be held today, Wednesday, March 9, 2016 at 10:00 EST to discuss this press release. Interested parties are invited to call the following telephone numbers to participate in the conference:

SEMAFO's Annual General Meeting of Shareholders will be held on Thursday, May 12, 2016 at 10:00 EDT at Club Saint-James, Salon Midway, 1145 avenue Union, in Montreal, Quebec. Attendees will have the opportunity to ask questions and meet the management team and members of the board of directors.

About SEMAFO

SEMAFO is a Canadian-based mining company with gold production and exploration activities in West Africa. The Corporation operates the Mana Mine in Burkina Faso, which includes the high-grade satellite deposits of Siou and Fofina, and is developing the advanced gold deposit of Natougou. SEMAFO's strategic focus is to maximize shareholder value by effectively managing its existing assets as well as pursuing organic and strategic growth opportunities.

CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

This press release contains forward-looking statements. Forward-looking statements involve known and unknown risks, uncertainties and assumptions and accordingly, actual results and future events could differ materially from those expressed or implied in such statements. You are hence cautioned not to place undue reliance on forward-looking statements. Forward-looking statements include words or expressions such as "expand", "potential", "anticipated", "estimate", "aim", "target", "committed", "evolve", "become", "pursuing", "growth", "opportunities" and other similar words or expressions. Factors that could cause future results or events to differ materially from current expectations expressed or implied by the forward-looking statements include the ability to generate an after-tax IRR of 48% with a payback period of 1.5 years and an after-tax NPV of $262 million, the ability to bring Natougou into production with the combination of our cash position at year-end 2015, anticipated cash flow from production and the amended Macquarie Facility, the ability to close the Macquarie amended Facility and to meet the various conditions precedent to drawdown, the ability to complete permitting by year-end 2016, the ability to complete detailed engineering in fourth quarter of 2016, the ability to start construction by year-end 2016, the ability to increase reserves and resources, the ability to enhance economics as of fourth year of the mine life, the ability to execute on our strategic focus, fluctuation in the price of currencies, gold or operating costs, mining industry risks, uncertainty as to calculation of mineral reserves and resources, delays, political and social stability in Africa (including our ability to maintain or renew licenses and permits) and other risks described in SEMAFO's documents filed with Canadian securities regulatory authorities. You can find further information with respect to these and other risks in SEMAFO's 2015 Annual MD&A, and other filings made with Canadian securities regulatory authorities and available at www.sedar.com. These documents are also available on our website at www.semafo.com. SEMAFO disclaims any obligation to update or revise these forward-looking statements, except as required by applicable law.

The information in this release is subject to the disclosure requirements of SEMAFO under the Swedish Securities Market Act and/or the Swedish Financial Instruments Trading Act. This information was publicly communicated on March 9, 2016 at 7:00 a.m., Eastern Standard Time.

Financial and Operating Highlights

2015

2014

2013

Gold ounces produced

255,900

234,300

158,600

Gold ounces sold

258,600

230,200

161,300

(in thousands of dollars, except amounts per ounce, per tonne and per share)